FHA Loan

Primarily for first time home buyers but a previous home owner is allowed. A very minimal down payment is required. FHA loans allow for forgiveness on some credit issues and a higher ratio of debt to income. This allows you to qualify for a bigger house. (A two year work history ( college degree may be used in lieu of 2 year work history ) & a two year rental history is required.) Closing costs may be paid for by you or by seller ( max .6% by seller ). You may receive 100% of your down payment or closing costs in the form of a gift. Loan amounts differ in each state and county. Check your local area for the maximum amount allowable. Down payment is 2.75% of the sales price. Credit scores are not used.

VA Loan (for veterans only)

The buyer must have served more than 180 consecutive days in the military and be honorably discharged. Other discharges on a case to case basis and are decided by the Veterans Administration. No down payment required ( VA funding fee added to loan amount). Higher debt to income ratio's than conventional loan. Maximum amount paid by seller is 4 %. You may only use a Co-Borrower income if you are married. Maximum loan amount is $240,000. Credit Scores are not used.

Conventional Loan

Primarily for loan amounts over the local FHA limit or for those who want to put down larger down payments. Larger down payments allow for buyers to choose the sort of loan they want. They may choose a fully documented loan or a loan that is called no or low document loan. These low or no document loans are not available in FHA or VA loans. For example this allows a self-employed borrower whose tax returns may reflect minimum income because of his or her tax situation to purchase a larger home. Conventional loans are underwritten to a higher standard and few breaks for bad credit or late payments are given. Maximum amounts paid by seller 3%. Excellent credit will allow for possible 0% down. Conventional loans are credit score driven. No Documentation, Stated Income and no ratio loans are readily available for qualified borrowers.

Investment Properties

We have outlets from over 40 national lenders. Private investors are also available. Contact Us

Loan Requirements

Loan Structuring

* Interest rates determined by property used to secure the loan* Loan terms can be structured to fit the borrower situation* Loan to value ratio depends on property type* Interest only or amortized payments* No pre-payment penalties

Documentation Required for "Private Money" Loans

* Current Title Insurance Commitment* Current Credit Report* Current Loan Application (1003 or Commercial Loan Application)* Current Appraisal or two Realtor Opinions of Value* Current Pictures of Property* Current Pay-off or Settlement Statements* Borrower Acknowledgment of Loan Fees, Terms and Interest Rate* Property Insurance for Loan Amount on Improved Property

For additional information on Commercial Loans, please e-mail: Chris

Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each. Whether you are buying a home or refinancing, there are 2 basic types of home loans. Each has different reasons you'd choose them.

1) Fixed Rate Mortgage

Fixed rate mortgages usually have terms lasting 15 or 30 years. Throughout those years, the interest rate and monthly payments remain the same. You would select this type of loan when you:

Plan to live in home more than 7 years

Like the stability of a fixed principal/interest payment

Don't want to run the risk of future monthly payment increases

Think your income and spending will stay the same

2) Adjustable Rate Mortgage

Adjustable Rate Mortgages (often called ARMs) typically last for 15 or 30 years, just like fixed rate mortgages. But during those years, the interest rate on the loan may go up or down. Monthly payments increase or decrease. You would select this type of loan when you:

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENTS WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENTS WEBSITE AT WWW.SML.TEXAS.GOV.